Global Soup Market - 2020-2027
Soup is usually formed for providing healthy beverages. The soup consumption in terms of liquid beverages is generally served as hot meals, which offer various health benefits due to such natural herbs and ingredients such as meat, beans, and vegetables, making it a power pack of vitamins, minerals, and nutrients. It is also beneficial for stomach infection and boosts the occupant’s immunity and digestion.
The global soup market size was worth US$ XX billion in 2019 and further predicted to reach US$ XX billion by 2027, at a CAGR of XX% during the forecast period (2020-2027).
The growth in food and beverage consumption and increasing liquid food product demand is expected to increase the market growth. Furthermore, the rising consumer preference for fresh and healthy food products, including natural ingredients, will enhance the soup demand globally. The easy resource accessibility at a reasonable price, such as meat and vegetables, is expected to boost the forecast period's soup market growth. Market players are also launching innovative packaging and flavors for children, which is also helpful for growth in the soup market.
Increasing Soup Products Demand Due to its Healthy Benefits
Considering the current market, the soup is a beverage staple in many cultures worldwide, strengthening its demand across the globe. Moreover, the growing demand for full liquid soups is further supporting the market growth globally. The rising demand for ready-to-eat packed soup as a snack among children and adults globally is further raising liquid soup products. Furthermore, liquid soup sales have also been driven by the ongoing increase in free-from ranges and specialty meat soup demand. The development in terms of vegan varieties and clean label ingredients in the soup products is further estimated to boost the market for soups throughout the forecast period.
Rapid growth in food & beverages products consumption in the Asia Pacific
The growth in consumption of sweet dairy soups, vegetable soups, meat soups, and other varieties of soups based on distinct soup ingredients are rapidly increasing in the Asia Pacific region. This growth is backed by the increasing purchasing power and growing prevalence of stomach and other health diseases among the population. The demand is also increased due to its enhanced utilization in beverage sets of choices.
Considering the current market trends, widening soup market opportunities is primarily due to beverage products the demand for soup will increase in the Asia-Pacific region. Food & beverage market growth in the area is due to nutritional diet awareness, enhanced quality & taste, and rising purchasing power. Supplementary driving factors to industry growth are coupled with changing customer preferences towards organic food products due to health diseases.
COVID-19 Impact Analysis
COVID-19 pandemic affected the global economy in many terms, such as directly affecting production and demand, supply chain disruption, and financial impact. COVID-19 has directly impacted the manufacturers' supply chain across the globe and shut down the production facilities to minimize the risk of virus spread. Also, the lockdown policies have strengthened the demand for food & beverage products under vegetables and meat segment across the globe. Therefore, the manufacturers have started investing to increase the production capabilities to meet the global market's updated demand.
Despite the pandemic, there is growth in the overall food & beverage products and soup products, which is expected to drive the soup's market size in the global market during the forecast period.
Based on the type, the global soup market has been classified into dry, wet, and others.
Dry soups held for the highest market share in the global market
In 2019, the dry soup type segment accounted for the market's most significant market share, followed by wet and others. The segment's growth is primarily driven by the rising need for dry-type soup products due to its low-cost features and packaging benefits. Moreover, dry soup refers to an instant soup mix made using dehydrated grains, vegetables and meat, and various preservatives and flavoring agents. The ingredients are dehydrated using freeze-drying or slow air-drying techniques to remove the water content without affecting their nutritional value. It is usually available in portable cups and pouches and is relished by individuals of all age groups as a quick meal or snack option. Furthermore, it is widely considered a more nutritious alternative to other instant food products such as noodles that usually contain a high sodium and preservatives amount.
Based on the distribution channel, the global soup market has been classified into supermarkets & hypermarkets, convenience stores, online, and others.
Supermarkets/hypermarkets dominated the global soup market in 2019
The supermarkets/hypermarkets segment generated the highest market revenue in 2019 and is anticipated to witness significant growth in the coming years. The online segment for the soup market is expected to expand at the highest CAGR over the forecast period due to the introduction of various food joints in the online market to increase the supply of products and easy availability to the end-users. New companies such as Eat24 and Uber Eats are coming up with new online services to deliver hot-served soups to the end-users. These factors are expected to open new avenues and escalate the market demand during the forecast period.
Based on geography, the study analyzes the global soup market, including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
Europe leads the global market throughout the forecast period
Europe leads the global soup market throughout the forecast period. The region is anticipated to account for a major market share in the forecast period following by North America and the Asia Pacific. Therefore, soups are consumed mainly by European and North American populations on account of the consumers' high disposable income and advanced lifestyle.
The market in Asia Pacific has growth opportunities for new segments. Population in developing countries, including China, India, Thailand, Indonesia, and Bangladesh is adopting western culture of living and working. This, in turn, can boost the canned and dried soup products demand in these regions. Moreover, growing awareness regarding health and busy working lifestyle
The soup market is highly competitive, owing to the presence of ample food brands. The key soup manufacturing players which are contributing to the growth of the global market include Associated British Foods, B&G Foods, Baxters Food Group, Campbell Soup, Subo Foods, Frontier Soups, General Mills, Hain Celestial, House Foods Group, Kraft Heinz, Kroger, Nestlé, Nissin Foods, NK Hurst Company, Unilever, Premier Foods, Orion Food Co., Ltd, Shanghai Christine Foodstuff Co., Ltd, Huajia Foodstuff Co., Ltd, Hangzhou Dingyuan Food Co., Ltd, and Labi Xiaoxin Food Industry Co., Ltd, and among others. The major players are adopting new product launch and expansion strategies for global growth in the Soup market.
Associated British Foods
Overview: Associated British Foods plc is a British multinational food processing and retailing company headquartered in London, England. Its ingredients division is the world's second-largest producer of both sugar and baker's yeast and a significant producer of other ingredients, including emulsifiers, enzymes, and lactose.
Product Portfolio: The company's portfolio comprises soups products, snacks, food & beverages products, and many more products.
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• Visualize the soup market segmentation composition by category, packaging, type, distribution channel, and region, highlighting the critical commercial assets and players.
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• Excel data sheet with thousands of data points of the soup market - level 4 segmentation.
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The global soup market report would provide access to an approx. 81 market data table, 71 figures, and 270 pages.
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